ARTICLES

In today's digital age, online transactions have become a part of our daily lives. Whether it's splitting bills, paying for services, or sending money to friends and family, the convenience is undeniable. However, with convenience comes the responsibility of ensuring the security of your financial transactions. Here are five precautions to take before sending money to someone online:

Google Search for Safety

Before hitting that 'Send' button, invest a few moments in a Google search. Look up the recipient's number or company name to ensure it's legitimate. This simple step can reveal potential scams or fraud alerts that others may have reported. You can also leverage tools like Truecaller to verify the authenticity of the recipient's number. 

Consider NEFT/IMPS for Larger Sums

While UPI (Unified Payments Interface) is quick and easy, consider using NEFT (National Electronic Funds Transfer) or IMPS (Immediate Payment Service) for more substantial transactions. These traditional banking methods provide an added layer of security, reducing the risk of unauthorised access to your funds.

Beware of Continuous Callbacks

If you find yourself in a situation where the recipient insists on continuous callbacks or additional information after the transaction, consider it a red flag. Legitimate transactions usually don't require constant follow-ups. Trust your instincts and be cautious if anything feels off.

Transfer Partial Amount First

As an additional precautionary measure, consider transferring a partial or small amount initially, especially if you are dealing with a new or unfamiliar recipient. Once you confirm the transaction, proceed with transferring the remaining amount. This step allows you to test the waters and minimise potential risks.

Monitor Transactions Actively

Stay vigilant by actively monitoring your transactions. Regularly check your bank statements and transaction history to detect any unauthorised or suspicious activities. Early detection can prevent potential financial losses and help you take immediate action.

By incorporating these precautions into your online transactions, you can enhance the security of your financial dealings and enjoy the convenience of digital payments with peace of mind.